上市公司财务绩效评价及其影响因素研究
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摘要
我国的证券市场走过了二十年的发展历程,上市公司已成为市场经济舞台上的主角。随着股权分置改革的完成,我国资本市场将开始进入到全流通时代。原来的非流通股股东与流通股股东的利益趋于一致,大股东更有动力通过各种努力提高上市公司业绩。上市公司的财务绩效成为股东、债权人、公司员工、政府管理部门等利益相关者共同关心的问题。因而,如何科学、公正地对上市公司的财务绩效进行评价,目前已成为财务研究领域的一个重要课题。与此同时,探究影响财务绩效的主要因素对于改善上市公司经营状况,提高经营绩效具有现实指导意义。
为此,在文献回顾及相关基础理阐述的基础上,对几种现行的上市公司绩效评价体系进行评析；站在中小投资者的角度,以沪深A股主板市场的上市公司(金融保险业上市公司除外,以下相同)为研究对象,遵循从整体到局部、由静态到动态的研究思路,重新构建了上市公司财务绩效评价指标体系,运用描述统计、因子分析、面板数据模型等定量分析方法,借助Spss15.0、Eviews6.0等统计软件对上市公司的财务绩效进行综合评价,对财务绩效的影响因素进行分析。主要内容如下：
(1)上市公司财务绩效评价指标体系的构建。借鉴前人的研究成果,在定性分析的基础上,构建初选指标体系；基于不同研究对象的财务数据,采用定性分析与主成分分析相结合的方法对初选指标反复筛选,分别构建出全体上市公司、医药生物制品行业上市公司、金属非金属行业上市公司的财务绩效评价指标体系。结果表明,不同行业的评价指标体系,在偿债能力、股本扩张能力两方面的指标选取上没有差别；在盈利能力、营运能力、成长能力三方面的指标选取上有一定差别。
(2)对我国上市公司财务质量的现状进行分析。首先,基于2009年的财务指标数据,对我国上市公司总体的财务质量进行了描述统计；其次,基于2000-2009年的各项财务指标数据,对上市公司的财务质量进行动态分析；最后,基于2009年的各项财务指标数据,对各行业上市公司的财务质量进行比较分析。
(3)上市公司财务绩效的评价。首先,基于2009年截面数据,运用因子分析法、熵值法对全部上市公司的财务绩效进行综合评价,并对两种方法的评价结果进行比较,结果表明,由于指标权重的选取不同,两种排名存在着较大的差异。其次,以生物医药制品行业、金属非金属行业为例,采用各自的评价指标体系,运用因子分析法进行绩效评价,并将此评价结果与其在全部上市公司绩效评价中的行业内排名进行比较,结果表明,生物医药制品行业上市公司两种排名比较一致；金属非金属行业上市公司的两种排名有较大的差异,这是因为金属非金属行业上市公司成长能力、营运能力指标的选取及权重的确定与后者有较大的不同。
(4)上市公司财务绩效影响因素的分析。首先,借鉴前人的研究成果构建了上市公司财务绩效影响因素的指标体系,其中包括股权结构、资本结构等方面的九个指标。其次,基于2009年的截面数据,以全部上市公司、生物医药制品行业上市公司、金属非金属行业上市公司为研究对象,运用多元线性回归分析的方法,对上市公司财务绩效影响因素进行分析,结果表明,各解释变量对上述三者财务绩效影响的显著性是不同的。最后,以生物医药制品行业上市公司为例,基于2005-2009的面板数据,在Hausman检验的基础上,运用固定效应模型分析生物医药制品行业上市公司财务绩效的影响因素,结论是：股权制衡度、产权比率、企业规模对生物医药制品行业上市公司的财务绩效有显著影响,与基于截面数据的分析相比,股权制衡度取代了前十大股东持股比例,对财务绩效有显著影响,前三名高管薪酬从长期来看,对财务绩效的影响并不显著。
最后,基于上述研究,为提高我国上市公司财务绩效,提出优化股权结构、完善独立董事制度、优化资本结构、完善激励机制的相关建议。
As the stock market of our country has been developing 20 years, the listed company has become the leading role in the market economy stage. With the completion of ownership structure reform, the capital market in our country is going to step into full circulation time. The non-circulation stock shareholder's benefit gradually tends to be consistent with the circulation stock shareholder's, and the major stockholder has more power to improve listed company's performance in all efforts. Financial performance of listed companies becomes the issue of common concern of the stakeholders including the shareholder, the creditor, the company staffs and the government administration and so on. Therefore, at present how to evaluate the listed company's financial performance scientifically and fairly becomes a hot topic in the finance research area. Furthermore, exploring for the influencing factor to finance performance has the reality guiding significance in improving the operations and the financial performance of listed companies.
Therefore, based on literature review and relevant basic theoretical explanations, this paper analyzes several performance evaluation systems of listed companies in the current, by the perspective of small and medium investors, following from whole to part, from static to dynamic research ideas, taking Motherboard A-share listed companies (except Financial and insurance business company) in stock markets of Shanghai and Shenzhen as the research object, re-build the listed company's financial performance evaluation system. Using quantitative analysis method of descriptive statistics, factor analysis and panel data model, this paper evaluates financial performance of listed companies synthetically and analyzes the influence factors of financial performance with the help of the statistical software such as Spss15.0 and Eviews6.0 and so on. And there are the main points as follows:
The first, this paper constructs the listed company financial performance evaluating indicator system. Referencing predecessor's research results, this pape constructs primary indicator system based on qualitative analysis and then do repeatedly screening to the primary indicator with the combining of qualitative analysis and principal component analysis, then finally construct evaluation index system on financial performance of all listed companies, Bio-pharmaceutical listed companies and metal and nonmetal listed companies respectively. The result shows that evaluation index systems in different industries have no difference in solvency and equity expansion ability, but have some differences in profitability, operation ability and growth ability.
The second, this paper makes analysis on the situation of financial quality of listed companies. First, based on financial index datas in 2009, this paper makes descriptive statistics on the financial quality of all listed companies. Secondly, based on the financial index datas from 2000 to 2009, this paper makes dynamic financial analysis on the financial quality of listed companies. Finally, based on financial index datas in 2009, this paper makes comparative analysis on the financial quality of listed companies in various industries.
The third, this paper evaluates the listed company's financial performance. Firstly, this paper makes evaluation in listed company by factor analysis and entropy analysis based on cross-sectional datas in 2009, and then makes the comparison to the evaluation results of two methods. The result indicates that there exists big difference between two kind of ranking lists because of different weight. Then, taking the Bio-pharmaceutical industry, the metal and nonmetal industry as examples, under their own evaluation index system, this paper evaluates financial performance of the listed company in two industries by using factor analysis, and then compares respectively the evaluation results with the ranking within the industry in performance evaluation of all the listed companies. The result shows the two ranking lists of the listed company in Bio-pharmaceutical industry are very consistent, but for metal and nonmetal industry, the two ranking lists are very different, that is because there are big difference in selecting the growth ability index and operation ability index and determining the weights comparing the latter.
The forth, this paper makes analysis on the influencing factor of listed company financial performance. Firstly, referencing predecessor's research results, this paper constructs indicator system of the influencing factor of listed company financial performance, including 9 indicators from ownership structure, capital structure and so on. Then, taking all listed company, biological and medicine industry listed company and metal and nonmetal industry listed company as object, based on the cross-sectional data in 2009, this paper makes analysis on the influencing factor of listed company financial performance by using multivariate linear regression analysis. The result shows that all explanatory variables impact on the financial performance of the above three objects are significantly different. Finally, taking biological and medicine as example, using fixed effect model, this paper analyzes the influencing factor to the listed company financial performance based on panel data from 2005 to 2009 and Hausman test. The result shows that outside blockholders, the proportion of property rights and the enterprise size have the significant influence to financial performance in Bio-pharmaceutical industry. Comparing to the analysis based on cross-sectional data, outside blockholders replacing the top ten shareholdings, affects the financial performance significantly, and in the long run, the top three executive compensations has no influence on the financial performance.
Finally, according to the above research, in order to improve the financial performance of listed companies, this paper puts forward the corresponding proposals on optimizing the ownership structure, improving the independent director system, optimizing the capital structure and improving incentive mechanism.
为此,在文献回顾及相关基础理阐述的基础上,对几种现行的上市公司绩效评价体系进行评析；站在中小投资者的角度,以沪深A股主板市场的上市公司(金融保险业上市公司除外,以下相同)为研究对象,遵循从整体到局部、由静态到动态的研究思路,重新构建了上市公司财务绩效评价指标体系,运用描述统计、因子分析、面板数据模型等定量分析方法,借助Spss15.0、Eviews6.0等统计软件对上市公司的财务绩效进行综合评价,对财务绩效的影响因素进行分析。主要内容如下：
(1)上市公司财务绩效评价指标体系的构建。借鉴前人的研究成果,在定性分析的基础上,构建初选指标体系；基于不同研究对象的财务数据,采用定性分析与主成分分析相结合的方法对初选指标反复筛选,分别构建出全体上市公司、医药生物制品行业上市公司、金属非金属行业上市公司的财务绩效评价指标体系。结果表明,不同行业的评价指标体系,在偿债能力、股本扩张能力两方面的指标选取上没有差别；在盈利能力、营运能力、成长能力三方面的指标选取上有一定差别。
(2)对我国上市公司财务质量的现状进行分析。首先,基于2009年的财务指标数据,对我国上市公司总体的财务质量进行了描述统计；其次,基于2000-2009年的各项财务指标数据,对上市公司的财务质量进行动态分析；最后,基于2009年的各项财务指标数据,对各行业上市公司的财务质量进行比较分析。
(3)上市公司财务绩效的评价。首先,基于2009年截面数据,运用因子分析法、熵值法对全部上市公司的财务绩效进行综合评价,并对两种方法的评价结果进行比较,结果表明,由于指标权重的选取不同,两种排名存在着较大的差异。其次,以生物医药制品行业、金属非金属行业为例,采用各自的评价指标体系,运用因子分析法进行绩效评价,并将此评价结果与其在全部上市公司绩效评价中的行业内排名进行比较,结果表明,生物医药制品行业上市公司两种排名比较一致；金属非金属行业上市公司的两种排名有较大的差异,这是因为金属非金属行业上市公司成长能力、营运能力指标的选取及权重的确定与后者有较大的不同。
(4)上市公司财务绩效影响因素的分析。首先,借鉴前人的研究成果构建了上市公司财务绩效影响因素的指标体系,其中包括股权结构、资本结构等方面的九个指标。其次,基于2009年的截面数据,以全部上市公司、生物医药制品行业上市公司、金属非金属行业上市公司为研究对象,运用多元线性回归分析的方法,对上市公司财务绩效影响因素进行分析,结果表明,各解释变量对上述三者财务绩效影响的显著性是不同的。最后,以生物医药制品行业上市公司为例,基于2005-2009的面板数据,在Hausman检验的基础上,运用固定效应模型分析生物医药制品行业上市公司财务绩效的影响因素,结论是：股权制衡度、产权比率、企业规模对生物医药制品行业上市公司的财务绩效有显著影响,与基于截面数据的分析相比,股权制衡度取代了前十大股东持股比例,对财务绩效有显著影响,前三名高管薪酬从长期来看,对财务绩效的影响并不显著。
最后,基于上述研究,为提高我国上市公司财务绩效,提出优化股权结构、完善独立董事制度、优化资本结构、完善激励机制的相关建议。
As the stock market of our country has been developing 20 years, the listed company has become the leading role in the market economy stage. With the completion of ownership structure reform, the capital market in our country is going to step into full circulation time. The non-circulation stock shareholder's benefit gradually tends to be consistent with the circulation stock shareholder's, and the major stockholder has more power to improve listed company's performance in all efforts. Financial performance of listed companies becomes the issue of common concern of the stakeholders including the shareholder, the creditor, the company staffs and the government administration and so on. Therefore, at present how to evaluate the listed company's financial performance scientifically and fairly becomes a hot topic in the finance research area. Furthermore, exploring for the influencing factor to finance performance has the reality guiding significance in improving the operations and the financial performance of listed companies.
Therefore, based on literature review and relevant basic theoretical explanations, this paper analyzes several performance evaluation systems of listed companies in the current, by the perspective of small and medium investors, following from whole to part, from static to dynamic research ideas, taking Motherboard A-share listed companies (except Financial and insurance business company) in stock markets of Shanghai and Shenzhen as the research object, re-build the listed company's financial performance evaluation system. Using quantitative analysis method of descriptive statistics, factor analysis and panel data model, this paper evaluates financial performance of listed companies synthetically and analyzes the influence factors of financial performance with the help of the statistical software such as Spss15.0 and Eviews6.0 and so on. And there are the main points as follows:
The first, this paper constructs the listed company financial performance evaluating indicator system. Referencing predecessor's research results, this pape constructs primary indicator system based on qualitative analysis and then do repeatedly screening to the primary indicator with the combining of qualitative analysis and principal component analysis, then finally construct evaluation index system on financial performance of all listed companies, Bio-pharmaceutical listed companies and metal and nonmetal listed companies respectively. The result shows that evaluation index systems in different industries have no difference in solvency and equity expansion ability, but have some differences in profitability, operation ability and growth ability.
The second, this paper makes analysis on the situation of financial quality of listed companies. First, based on financial index datas in 2009, this paper makes descriptive statistics on the financial quality of all listed companies. Secondly, based on the financial index datas from 2000 to 2009, this paper makes dynamic financial analysis on the financial quality of listed companies. Finally, based on financial index datas in 2009, this paper makes comparative analysis on the financial quality of listed companies in various industries.
The third, this paper evaluates the listed company's financial performance. Firstly, this paper makes evaluation in listed company by factor analysis and entropy analysis based on cross-sectional datas in 2009, and then makes the comparison to the evaluation results of two methods. The result indicates that there exists big difference between two kind of ranking lists because of different weight. Then, taking the Bio-pharmaceutical industry, the metal and nonmetal industry as examples, under their own evaluation index system, this paper evaluates financial performance of the listed company in two industries by using factor analysis, and then compares respectively the evaluation results with the ranking within the industry in performance evaluation of all the listed companies. The result shows the two ranking lists of the listed company in Bio-pharmaceutical industry are very consistent, but for metal and nonmetal industry, the two ranking lists are very different, that is because there are big difference in selecting the growth ability index and operation ability index and determining the weights comparing the latter.
The forth, this paper makes analysis on the influencing factor of listed company financial performance. Firstly, referencing predecessor's research results, this paper constructs indicator system of the influencing factor of listed company financial performance, including 9 indicators from ownership structure, capital structure and so on. Then, taking all listed company, biological and medicine industry listed company and metal and nonmetal industry listed company as object, based on the cross-sectional data in 2009, this paper makes analysis on the influencing factor of listed company financial performance by using multivariate linear regression analysis. The result shows that all explanatory variables impact on the financial performance of the above three objects are significantly different. Finally, taking biological and medicine as example, using fixed effect model, this paper analyzes the influencing factor to the listed company financial performance based on panel data from 2005 to 2009 and Hausman test. The result shows that outside blockholders, the proportion of property rights and the enterprise size have the significant influence to financial performance in Bio-pharmaceutical industry. Comparing to the analysis based on cross-sectional data, outside blockholders replacing the top ten shareholdings, affects the financial performance significantly, and in the long run, the top three executive compensations has no influence on the financial performance.
Finally, according to the above research, in order to improve the financial performance of listed companies, this paper puts forward the corresponding proposals on optimizing the ownership structure, improving the independent director system, optimizing the capital structure and improving incentive mechanism.
引文
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